Today's support and resistance levels:
R3: 143.44
R2: 143.26
R1: 143.16
Currnt spot: 143.13
S1: 142.85
S2: 142.50
S3: 142.18
Technical summary:
EUR/JPY is just powering ahead higher, but we think that red wave iii ended at 143.44 and after a correction towards 141.83 in red wave iv, red wave v will take over for the next rally higher towards 144.64. In the short term, a break below support at 143.04 will confirm that the correction in red wave iv is unfolding. After a powerful rally like what has been seen in red wave iii, we should only expect a minor correction in red wave iv.
Trading recommendation:
We bought EUR at 142.25 and will lift our stop to 143.00 and if done, we will re-buy EUR at 142.00 with a stop at 140.30.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for November 5 - 2014 . Thanks for your support.
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